With cryptocurrency prices remaining extremely volatile on news about regulatory crackdowns, environmental concerns and heightened tax scrutiny even as interest in crypto assets from credible investors has been rising and legacy financial institutions—including ourselves—have been launching new crypto offerings, crypto is undoubtedly Top of Mind. We first wrote about bitcoin in 2014 and cryptos more broadly in 2018, exploring the potential and risks of the crypto ecosystem. Amid the recent volatility, here we focus on whether crypto assets can be considered an institutional asset class.